CCC delays decision on IPI gaming licence
CCC vice chair Rafael S. Demapan said the commission needs clarity on legal issues.
Northern Mariana Islands.- The Commonwealth Casino Commission (CCC) has opted to delay its decision regarding the status of Imperial Pacific International‘s gaming licence. During a board meeting yesterday (April 25), CCC vice chair Rafael S. Demapan said the postponement was deemed necessary to allow a clearer understanding of the legal implications of IPI’s bankruptcy proceedings.
Chuck Choi, legal counsel representing IPI in its bankruptcy application, informed the board that a hearing before US District Court for the NMI chief judge Ramona V. Manglona had been scheduled for today to address certain preliminary motions, including a request for authorisation to make payments towards pre-petition obligations, including wages owed to employees involved in security operations at the hotel/casino. IPI also seeks court approval to secure financing of up to US$7m to address immediate financial needs and potential obligations to the CCC and government entities.
Choi expressed optimism about the prospects of reaching an agreement with both the CCC and the CNMI government in the next two or three months. Governor Arnold I. Palacios stated this week that the Commonwealth needs to accept the fact that IPI is no longer a viable company and move on.
